A series of changes to the way in which non-domiciles are taxed in the UK have been put forward by HM Treasury and will now be subject to public consultation.
The government hopes that by implementing the tax changes, the system will become fairer, while also encouraging more people to make investments in the UK.
David Gauke, exchequer secretary to the Treasury, said: “It is important that skilled individuals and investors are encouraged to come to the UK from abroad and we recognise the fact that non-domiciles can make a valuable contribution to the UK economy.”
Another proposed alteration is that the tax charge for some long-term resident non-domiciles should be increased to £50,000.
Meanwhile, HM Revenue and Customs has warned people of a phishing email that is currently in circulation, which encourages them to submit their credit and debit card details on an external website.
- Money and Tax News from Lawpack: tax-savings and personal finance advice.
Published on: June 20, 2011